USDA Home Loans also have a form of default insurance (PMI), and it’s a Guarantee Fee. The actual dollar amount is a rather complicated formula, and it ends up being about 2.05% – but most people use 2.% as a rule of thumb for prequalifying purposes.
Most loan officers are not familiar with the USDA Home Loan Program – which is a shame, because it’s one of the best No Money Down Home Loans available in NC! We get “Rural” really fast in NC… one minute you’re in a neighborhood – the next you can wake up to the sound of […]
One of the reasons some folks buy a house in North Carolina is because they think their taxes will be lowered. It’s true that for many years, the mortgage interest tax deduction was one of the best things going, but Mortgage Interest Rates have been so low lately, that the write off of Mortgage Interest […]
Congress is wrestling with how the USDA Rural Development Department should work. In the most recent changes, they dictated that the USDA Home Loan program will be entirely self-funded. What does that mean? The USDA Home Loan Program will no longer be dependent on the U.S. taxpayers to stay in business. Because of this, USDA […]
NC Residents are getting an added benefit from the Obama Administration during the next 24 months. In a program announced for the economically hardest hit counties in the Country, last week USDA announced a new Streamline Refinance Program! Under the new program folks refinancing their USDA Home Loan will need to meet the following guidelines: […]
USDA notified us that they are once again changing their “PMI” for their Home Loan Program. USDA, like FHA and the Veteran’s Administration don’t actually “make” the guaranteed loans, they just insure the lender against default. That “default” insurance is just like PMI, and unless you are putting at least a 20% down payment – […]
If you are looking for a USDA Home Loan in North Carolina – you might want to do it before the end of September! More Rule Changes! Okay, so you don’t HAVE to buy before October 1st. It’s not like the 100% no money down program is going away – it’s just changing the way […]
The Single Family Housing Origination Department of the USDA Home Loan Program announced yesterday that they should have their computer systems up and running to accommodate the changes required by Congress in their fees. Since the end of May, USDA has been issuing “Conditional” approvals… and because of that, Wells Fargo, Bank of America (and […]
Great News! USDA Rural Economic Development has money to lend and they are working around the clock to get loan underwritten! The Funding Fee is now 3.5%. That’s up from @2% with funds that ran out in May, 2010.